Former Honolulu, Hawaii, ING financial advisor, Bruce Harada, 57, was sentenced to 20 years in prison for stealing more than $2.5 million in retirement money from 21 current and former city employees. The judge also ordered Harada to pay back his former employer, ING North American Corp., more than $1.8 million it reimbursed Harada's victims.
Harada convinced his clients to withdraw their money from their retirement accounts from April 2007 to May 2012 to reinvest in a mutual fund. Instead of reinvesting the money, Harada spent it on himself.
"My selfishness blinded me to the reality of all the damage I would cause," Harada said. After he was caught, he was immediately terminated by ING, and confessed.
"This was a very egregious breach of trust and he was literally messing with people's retirement. He took hundreds of thousands of dollars from some victims and he was spending it all lavishly on things that were completely unnecessary for him and his family," Deputy Prosecutor Chris Van Marter said.
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